Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2018:

	Gibson				Davis
Sales	$	(718,000	)		$	(355,000	)
Cost of goods sold		332,000				150,000
Operating expenses		214,000				75,000
Dividend income		(24,000	)			0
Net income	$	(196,000	)		$	(130,000	)
Retained earnings, 1/1/18	$	(705,000	)		$	(410,000	)
Net income		(196,000	)			(130,000	)
Dividends declared		60,000				40,000
Retained earnings, 12/31/18	$	(841,000	)		$	(500,000	)
Cash and receivables	$	228,500			$	133,000
Inventory		504,000				137,000
Investment in Davis		511,500				0
Buildings (net)		538,000				610,000
Equipment (net)		494,000				494,000
Total assets	$	2,276,000			$	1,374,000
Liabilities	$	(805,000	)		$	(534,000	)
Common stock		(630,000	)			(340,000	)
Retained earnings, 12/31/18		(841,000	)			(500,000	)
Total liabilities and stockholders' equity	$	(2,276,000	)		$	(1,374,000	)

Gibson acquired 60 percent of Davis on April 1, 2018, for $511,500. On that date, equipment owned by Davis (with a five-year remaining life) was overvalued by $75,000. Also on that date, the fair value of the 40 percent noncontrolling interest was $341,000. Davis earned income evenly during the year but declared the $40,000 dividend on November 1, 2018.

Prepare a consolidated income statement for the year ending December 31, 2018.

Determine the consolidated balance for each of the following accounts as of December 31, 2018:

Goodwill

Equipment (net)

Common stock

Buildings (net)

Dividends declared